IndiaMART InterMESH took a sharp hit on January 22, with its stock plummeting 10% to a 25-month low of ₹2,065.40. The tumble followed a tepid Q3FY25 performance, where the company’s paid subscriber base dipped—a first since the post-COVID rebound. Brokerage firms wasted no time downgrading their outlook, with Nomura slashing its target price by 40% to ₹1,900 and Nuvama trimming it to ₹1,970 from ₹2,500. Nomura flagged low gross additions, high customer churn, and sluggish collections growth as key concerns, predicting subdued performance in the medium term. Nuvama echoed these sentiments, highlighting weak standalone business collections and the absence of meaningful subscriber retention improvements. Both brokerages downgraded their ratings to “Reduce,” signaling growing caution among investors. Despite the challenges, the company maintains a solid foothold in the online B2B space, commanding a 65% market share. Management is banking on stabilization in churn over the next 2-3 quarters, particularly in Silver monthly packages, before pursuing subscriber growth. On the brighter side, registered buyers increased by 4 million to 206 million, and live product listings climbed to 115 million. For now, IndiaMART’s dominant position and asset-light model remain its saving grace, but all eyes will be on whether the promised recovery materializes in the coming quarters. Investors, it seems, are in wait-and-watch mode.